The government notified the rate on small savings schemes, majorly operated by post offices, every quarter.
CHENNAI: The Centre has increased the interest rate on Sukanya Samriddhi Account from 8% to 8.2% for the January-March 2024 quarter. The government on Friday announced the rates of small savings schemes for the fourth quarter of the financial year 2023-24 from January 1, 2024 to March 31, 2024.
Apart from Sukanya Samriddhi scheme, rates of the three-year time deposits have been raised from 7% to 7.1%. The government has left the rates of other schemes unchanged. The savings deposit stands unchanged at 4%. One-year time deposit is at 6.9%, two-year time deposits are at 7.0%.
The government notified the rate on small savings schemes, majorly operated by post offices, every quarter.
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Last September, the central government raised interest rate on a five-year recurring deposit scheme to 6.7% from 6.5% for the December quarter and retained the rates for all other small savings schemes.
The Sukanya Samriddhi Account (SSA) is a small deposit scheme exclusively for a girl child. The account can be opened by a parent or legal guardian of the girl child, who is below the age of 10 years. Only one account is allowed for a girl child.
A family can open only two such accounts. The minimum annual investment is Rs 250 and the maximum investment is Rs 1,50,000 a year. The principal amount deposited, interest earned during the entire tenure, and maturity benefits are tax-exempt.
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The principal amount is deductible under section 80C up to Rs 1,50,000. Since its inception, the scheme has garnered nearly Rs 2.06 lakh crore from 3.71 crore accounts.
